Utz Scoops Up Tortilla Chips Co. On The Border For $480M
By Sierra Jackson (November 12, 2020, 8:42 PM EST) -- Potato chip maker Utz announced plans Thursday to snap up Truco Enterprises, the owner of tortilla chips and dip brand On the Border, from private equity firm Insignia Capital for $480 million, in a deal steered by Kirkland and Cozen O'Connor.
Cozen O'Connor-advised Utz Brands Inc. said in an investor presentation that through the purchase of Insignia Capital Group LP's Truco Enterprises, which is working with Kirkland & Ellis LLP, Utz will become the third major brand in the U.S. market salty snacks market, only proceeded by Pepsi and Campbell's in first and second place.
Utz said the combined company's control...
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